The time to file Chapter 7 is when your house is dragging you down. Do you have a first and second mortgage and having trouble making both payments? Is your house worth less than the mortgages combined?
I know that the thought of giving up your dream home is not what you had in mind. How long can you continue to make both payments?
Chapter 7 might be the right option for you at this time which will allow the foreclosure of your home. If so, consult with an attorney and stop making payments. Save your money because you will need it for moving expenses and a new place to live.
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Another consideration would be to call your creditor to see if they can come up with a solution for you. The banks do not want anymore foreclosures at this time. If you have other debts, consider telling those creditors that you are thinking about bankruptcy and see if they will settle your debt.
Another reason to consult with a bankruptcy attorney is the possibility that he can handle these negotiations for you. Sometimes the attorney can get the creditors to extend the debt payment period, so your payments are smaller.
If you have something to sell that can pay off some of your debts this would be a good time to sell that asset and try to reduce the amount that you owe.
Consult with an attorney today to find out what your best option is as far as bankruptcy vs. negotiating with the creditors for lower payments and maybe even forgiveness for some of your debts.
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